XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.23.3

Fair Value | 9 Months Ended
--- | ---
Oct. 28, 2023
Fair Value Disclosures [Abstract] |
FAIR VALUE | FAIR VALUE Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs used to measure fair value are prioritized based on a three-level hierarchy. The three levels of inputs to measure fair value are as follows: •Level 1—inputs are unadjusted quoted prices for identical assets or liabilities that are available in active markets that the Company can access at the measurement date. •Level 2—inputs are other than quoted market prices included within Level 1 that are observable for assets or liabilities, directly or indirectly. •Level 3—inputs to the valuation methodology are unobservable. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The following table provides the three levels of the hierarchy and the distribution of the Company’s assets measured at fair value on a recurring basis, as of October 28, 2023 and January 28, 2023:
| Assets and Liabilities at Fair Value as of October 28, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents (1) | $ | 155,433 |  |  | $ | 24,265 |  |  | $ | — |  |  | $ | 179,698 |
Derivative instruments (2) | — |  |  | 5,132 |  |  | — |  |  | 5,132 |
Rabbi Trust assets (3) | 1,164 |  |  | 52,151 |  |  | — |  |  | 53,315 |
Restricted cash equivalents (1) | 1,338 |  |  | 4,268 |  |  | — |  |  | 5,606 |
Total assets | $ | 157,935 |  |  | $ | 85,816 |  |  | $ | — |  |  | $ | 243,751 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments (2) | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Total liabilities | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
| Assets and Liabilities at Fair Value as of January 28, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents (1) | $ | 50,364 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,364 |
Derivative instruments (2) | — |  |  | 32 |  |  | — |  |  | 32 |
Rabbi Trust assets (3) | 1 |  |  | 51,681 |  |  | — |  |  | 51,682 |
Restricted cash equivalents (1) | 1,690 |  |  | 5,174 |  |  | — |  |  | 6,864 |
Total assets | $ | 52,055 |  |  | $ | 56,887 |  |  | $ | — |  |  | $ | 108,942 |
Liabilities: |  |  |  |  |  |  |
Derivative instruments (2) | $ | — |  |  | $ | 4,986 |  |  | $ | — |  |  | $ | 4,986 |
Total liabilities | $ | — |  |  | $ | 4,986 |  |  | $ | — |  |  | $ | 4,986 |
(1) Level 1 assets consisted of investments in money market funds and U.S. treasury bills. Level 2 assets consisted of time deposits. (2) Level 2 assets and liabilities consisted primarily of foreign currency exchange forward contracts. (3) Level 1 assets consisted of investments in money market funds. Level 2 assets consisted of trust-owned life insurance policies. The Company’s Level 2 assets consisted of: •Trust-owned life insurance policies, which were valued using the cash surrender value of the life insurance policies; •Time deposits, which were valued at cost, approximating fair value, due to the short-term nature of these investments; and •Derivative instruments, primarily foreign currency exchange forward contracts, which were valued using quoted market prices of the same or similar instruments, adjusted for counterparty risk. Fair value of long-term borrowings The Company’s borrowings under its senior secured notes, which have a fixed 8.75% interest rate and mature on July 15, 2025 (the “Senior Secured Notes”), are carried at historical cost in the accompanying Condensed Consolidated Balance Sheets. The following table provides the carrying amount and fair value of the Company’s long-term gross borrowings as of October 28, 2023 and January 28, 2023:
(in thousands) | October 28, 2023 |  | January 28, 2023
Gross borrowings outstanding, carrying amount | $ | 249,730 |  |  | $ | 299,730 |
Gross borrowings outstanding, fair value (1) | 254,100 |  |  | 304,975 |
(1) Classified as Level 2 measurements within the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration